Doubling the amount of power generated globally from renewable energy by 2030 could save $4.2 trillion each year, 15 times more than the cost, according to a new report from the International Renewable Energy Agency (IRENA).

The agency’s report, entitled “REmap: Roadmap for a Renewable Energy”, lays out the case for doubling renewable energy generation from 18% to 36% by 2030.
Under current plans, renewables’ share of global generation is on course to hit 21% by 2030.

To achieve a doubling of generation, average annual investment would need to sit at around $770 billion, with savings coming through lower costs in tackling climate change and air pollution.

‘Cheaper to do so’

Adnan Amin, Director-General at IRENA, said: “Achieving a doubling is not only feasible, it is cheaper than not doing so.

“REmap shows this is not only the most economic pathway, but also the most socially and environmentally conscious.

“It would create more jobs, save millions of lives from reduced air pollution and set us on a pathway to limit global temperature rise to two degrees as agreed in Paris.”

> Download the report